Section 9 in The Iron And Steel Companies Amalgamation Act, 1952
9. Provisions with respect to taxation.- (1) The Iron and Steel Company shall be taxable in respect of the profits and gains of the business carried on by the dissolved company before the appointed day to the same extent as the dissolved company would have been taxable if this Act had not been passed, and the Iron and Steel Company shall, in its assessment, be entitled to claim all such allowances under sub--section (2) of section 10 of the Indian Income--tax Act, 1922 (XI of 1922) as the dissolved company could have claimed in its assessment if this Act had not been passed.
(2)For the purposes of any law relating to taxation on income, the original cost to the Iron and Steel Company of the buildings, machinery, plant or furniture of the dissolved company transferred to it by virture of this Act shall be deemed to be the written down value thereof, as reduced by the initial depreciation permitted by sub--section (2) of section 10 of the Indian Income--Tax Act, 1922 (XI of 1922), which has been or could have been computed by the dissolved company on the appointed day if this Act had not been passed.
